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Additional Information - Financial Statement Schedule I | 12 Months Ended
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Dec. 31, 2018
Additional Information - Financial Statement Schedule I |
Additional Information - Financial Statement Schedule I | Additional Information—Financial Statement Schedule I Canadian Solar Inc. Schedule I has been provided pursuant to the requirements of Rule 12‑04(a) and 4‑08(e)(3) of Regulation S‑X, which require condensed financial information as to financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented as the restricted net assets of Canadian Solar Inc.’s consolidated and unconsolidated subsidiaries not available for distribution to Canadian Solar Inc. as of December 31, 2018 of $486.6 million, exceeded the 25% threshold. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that the equity method has been used to account for investments in subsidiaries. FINANCIAL INFORMATION OF PARENT COMPANY BALANCE SHEETS
|  | December 31, |  | December 31,
|  | 2017 |  | 2018
|  | (In Thousands of U.S. Dollars, except
|  | share data)
ASSETS |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | 16,957 |  | 9,097
Accounts receivable trade, net of allowance for doubtful accounts of $3,642 and $3,462 as of December 31, 2017 and 2018, respectively |  | 6,207 |  | 11,476
Amounts due from related parties |  | 375,843 |  | 279,039
Advances to suppliers, net of allowance for doubtful accounts of $5,222 and $5,222 as of December 31, 2017 and 2018, respectively |  | 60 |  | —
Prepaid expenses and other current assets |  | 11,490 |  | 15,222
Total current assets |  | 410,557 |  | 314,834
Investment in subsidiaries |  | 1,005,176 |  | 1,154,004
Deferred tax assets |  | 9,185 |  | 28,208
Other non-current assets |  | 67,940 |  | 68,068
TOTAL ASSETS |  | 1,492,858 |  | 1,565,114
LIABILITIES AND EQUITY |  |  |  |
Current liabilities: |  |  |  |
Short-term borrowings |  | 151,000 |  | —
Convertible notes |  | — |  | 127,428
Accounts payable |  | 3 |  | 3,903
Amounts due to related parties |  | 139,091 |  | 154,765
Derivative liabilities—current |  | — |  | 3,879
Other current liabilities |  | 36,914 |  | 8,255
Total current liabilities |  | 327,008 |  | 298,230
Convertible notes |  | 126,476 |  | —
Deferred tax liabilities—non-current |  | 524 |  | 28,779
Liability for uncertain tax positions |  | 6,625 |  | 12,633
TOTAL LIABILITIES |  | 460,633 |  | 339,642
Equity: |  |  |  |
Common shares—no par value: unlimited authorized shares, 58,496,685 and 59,180,624 shares issued and outstanding at December 31, 2017 and 2018, respectively |  | 702,162 |  | 702,931
Additional paid-in capital |  | 417 |  | 10,675
Retained earnings |  | 383,680 |  | 622,015
Accumulated other comprehensive loss |  | (54,034) |  | (110,149)
TOTAL EQUITY |  | 1,032,225 |  | 1,225,472
TOTAL LIABILITIES AND EQUITY |  | 1,492,858 |  | 1,565,114
FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF OPERATIONS
|  | Years Ended December 31
|  | 2016 |  | 2017 |  | 2018
|  | (In Thousands of U.S. Dollars)
Net revenues |  | 13,748 |  | 35,011 |  | 86,755
Cost of revenues |  | 9,657 |  | 29,542 |  | 53,926
Gross profit |  | 4,091 |  | 5,469 |  | 32,829
Operating expenses: |  |  |  |  |  |
Selling expenses |  | 3,727 |  | 2,221 |  | 2,518
General and administrative expenses |  | 17,167 |  | 18,390 |  | 18,970
Research and development expenses |  | 589 |  | 645 |  | 795
Other operating loss, net |  | — |  | 1,173 |  | 77
Total operating expenses |  | 21,483 |  | 22,429 |  | 22,360
Loss from operations |  | (17,392) |  | (16,960) |  | 10,469
Other income (expenses): |  |  |  |  |  |
Interest expense |  | (29,032) |  | (20,078) |  | (9,170)
Interest income |  | 44,666 |  | 42,191 |  | 32,370
Gain (loss) on change in fair value of derivatives |  | 30,988 |  | (7,134) |  | (2,671)
Foreign exchange gain (loss) |  | (3,810) |  | (18,110) |  | 22,255
Gain on repurchase of convertible notes |  | 2,782 |  | — |  | —
Investment loss |  | — |  | (11,944) |  | —
Other income (expenses), net: |  | 45,594 |  | (15,075) |  | 42,784
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and unconsolidated investees |  | 28,202 |  | (32,035) |  | 53,253
Income tax (expense) benefit |  | (6,599) |  | 1,686 |  | (12,133)
Equity in earnings of subsidiaries |  | 43,596 |  | 130,048 |  | 195,950
Equity in earnings (loss) of unconsolidated investees |  | 50 |  | (127) |  | —
Net income |  | 65,249 |  | 99,572 |  | 237,070
FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|  | Years Ended December 31,
|  | 2016 |  | 2017 |  | 2018
|  | (In Thousands of U.S. Dollars)
Net income |  | 65,249 |  | 99,572 |  | 237,070
Other comprehensive income (loss) (net of tax of nil): |  |  |  |  |  |
Foreign currency translation adjustment |  | (31,958) |  | 37,780 |  | (56,115)
Comprehensive income |  | 33,291 |  | 137,352 |  | 180,955
FINANCIAL INFORMATION OF PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | Years Ended December 31,
|  | 2016 |  | 2017 |  | 2018
|  | (In Thousands of U.S. Dollars)
Operating activities: |  |  |  |  |  |
Net income |  | 65,249 |  | 99,572 |  | 237,070
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |
Depreciation and amortization |  | 32 |  | 33 |  | 21
Loss on disposal of subsidiaries |  | — |  | 9,559 |  | —
Impairment loss of investment |  | — |  | 3,686 |  | —
(Gain) loss on change in fair value of derivatives |  | (30,988) |  | 7,134 |  | 2,671
Gain on repurchase of convertible notes |  | (2,782) |  | — |  | —
Allowance for doubtful accounts |  | (844) |  | 2,666 |  | (212)
Equity in earnings of subsidiaries |  | (43,596) |  | (130,048) |  | (195,950)
Equity in loss (earnings) of unconsolidated investees |  | (50) |  | 127 |  | —
Share-based compensation |  | 7,757 |  | 9,314 |  | 10,259
Changes in operating assets and liabilities: |  |  |  |  |  |
Inventories |  | 146 |  | — |  | —
Accounts receivable trade |  | 3,010 |  | (6,739) |  | (5,089)
Amounts due from related parties |  | 21,731 |  | 57,539 |  | (184,755)
Advances to suppliers |  | 226 |  | (60) |  | 60
Prepaid expenses and other current assets |  | 6,955 |  | (5,715) |  | (2,749)
Other non-current assets |  | (2,039) |  | 1,016 |  | (149)
Accounts payable |  | (4) |  | — |  | 3,900
Advances from customers |  | (1,413) |  | (1,069) |  | —
Amounts due to related parties |  | (129,307) |  | 66,038 |  | 15,674
Accrued warranty costs |  | (12,381) |  | (10,639) |  | (76)
Other liabilities |  | (297) |  | 23,505 |  | (25,958)
Liability for uncertain tax positions |  | (7,413) |  | 833 |  | 6,008
Deferred taxes |  | 199 |  | (6,106) |  | 9,230
Net settlement of derivatives |  | 17,043 |  | (6,358) |  | 21,450
Net cash provided by (used in) operating activities |  | (108,766) |  | 114,288 |  | (108,595)
Investing activities: |  |  |  |  |  |
Investment in subsidiaries |  | — |  | (64,185) |  | (1,051)
Proceeds from disposal of subsidiaries |  | — |  | 61,749 |  | —
Purchase of property, plant and equipment |  | — |  | (26) |  | —
Funding of loans to subsidiaries |  | — |  | (74,458) |  | (94,000)
Repayment of loans from subsidiaries |  | 299,578 |  | — |  | 375,635
Net cash provided by (used in) investing activities |  | 299,578 |  | (76,920) |  | 280,584
Financing activities: |  |  |  |  |  |
Repayment of short-term borrowings |  | (190,000) |  | (49,000) |  | (151,000)
Proceeds from issuance of common shares |  | 23,864 |  | — |  | —
Issuance costs paid for common shares offering |  | (456) |  | — |  | —
Payment for repurchase of convertible notes |  | (19,667) |  | — |  | —
Proceeds from exercise of stock options |  | 707 |  | 879 |  | 769
Net cash used in financing activities |  | (185,552) |  | (48,121) |  | (150,231)
Effect of exchange rate changes |  | (24,630) |  | 6,362 |  | (29,618)
Net decrease in cash and cash equivalents |  | (19,370) |  | (4,391) |  | (7,860)
Cash and cash equivalents at the beginning of the year |  | 40,718 |  | 21,348 |  | 16,957
Cash and cash equivalents at the end of the year |  | 21,348 |  | 16,957 |  | 9,097
Supplemental disclosure of cash flow information: |  |  |  |  |  |
Interest paid (net of amounts capitalized) |  | 29,288 |  | 18,375 |  | 10,154

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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